![]() ![]() At the same time, you want to keep costs as low as possible. This means the process refers to supervising and controlling your stock items to ensure you always have the materials and products you need available. Another important aspect you have to control is the inventory-associated costs from the total value of goods to the generated tax accumulated from the inventory value. ![]() One of its top priorities is being in control of the transfer of units to ensure the inventory is neither too high nor too low as this can put your company’s operation in jeopardy. The inventory management process involves overseeing the constant movement of items in and out of your organization’s inventory. What is the process of inventory management? If you’re not yet implementing an inventory management software program or you’re planning to deploy one in your workflows, one of the first things you have to understand is the various types and techniques of inventory management. For instance, 44% of US shoppers simultaneously use both online and in-store purchase and pickup options as per Marketing Charts. This is alarming as the purchasing preferences of the consumer are becoming more complex. (Source: Flykon)ĭespite its importance, it is shocking to know that 46% of SMBs either use a manual method in tracking their inventory or they don’t track it all as per the Small Business Report of Wasp Barcode Technologies.
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